The Australian Securities & Investments Commission announced that Palmer Leisure Coolum Pty Ltd has pleaded guilty in the Brisbane Magistrates Court to breaching takeover law under section 631(1) of the Corporations Act 2001. The breach arose after the company publicly proposed in 2012 to make a takeover bid for The President’s Club Ltd but did not make offers for the securities within the required two-month period. Palmer Leisure Coolum entered the plea through its lawyer and has been committed for sentencing in the District Court of Queensland on a date yet to be set. The matter is being prosecuted by the Office of the Director of Public Prosecutions following an ASIC investigation and referral. For a corporation, breaching section 631(1) carries a maximum penalty of AUD 55,000.
Australian Securities & Investments Commission2026-06-08
Australian Securities & Investments Commission reports Palmer Leisure Coolum guilty plea for missing two month deadline after 2012 takeover proposal
The Australian Securities & Investments Commission announced that Palmer Leisure Coolum Pty Ltd pleaded guilty in the Brisbane Magistrates Court to breaching section 631(1) of the Corporations Act 2001 by failing to make a takeover bid for The President’s Club Ltd within the required two-month period after a 2012 public proposal. The company has been committed for sentencing in the District Court of Queensland and faces a maximum corporate penalty of AUD 55,000.